Two local firms partnered to buy a 150,000-square-foot, nine-story Houston office building with plans to move in by next year.
Lee & Associates joined with 35 South Capital to purchase 10497 Town and Country Way from Pennsylvania-based Equus Capital Partners, the Houston Business Journal reported Thursday. The property is located near the intersection of Route 10 and the Sam Houston Tollway— not far from the Energy Corridor. It’s also positioned between MetroNational’s Memorial City and Midway’s CityCentre mixed-use developments.
While the terms of the transaction were not disclosed, Harris County Appraisal District records said the property was valued at $18.6 million as of the beginning of the year.
Chris Lewis, managing partner of Lee & Associates said his firm had been in the market for a new commercial property for nearly two year before settling on 10497 Town and Country Way.
Lee & Associates’ current Houston base is at 9805 Katy Freeway — about a five minute drive from the new digs. Since the Houston office was established in 2015, Lee & Associates has seen its headcount grow from eight brokers to 45, with another 45 managers and staff members on the payroll.
The firm plans to move into a full floor — about 17,000 square feet — sometime next year, Lewis said. Meanwhile, 35 South Capital plans to move into a 3,000-square-foot space in the building later this year.
Both firms saw value in 10497 Town and Country Way beyond a new place to hang their hats. Memorial city is one of Houston’s fastest growing neighborhoods, and Equus Capital Partners had just poured $4.5 million into a massive renovation.
“The area is so supply constrained that there is practically a line of companies trying to move into the building,” said 35 South Capital CEO John Morton.
JLL represented both sides of the transaction, even securing the acquisition loan from Independent Bank for the buyers.
Read more
Commercial
Texas
Hines subsidiary buys JLL’s Houston office
Commercial
Houston
In the midst of Texas’ industrial boom, Vault Partners sells off its first Houston industrial park
— Maddy Sperling